Charter Company paid \(\$ 520,000\) for real estate plus \(\$ 10,800\) in closing costs. The real estate included land appraised at \(\$ 160,000\); land improvements appraised at \(\$ 64,000\); and a building appraised at \(\$ 416,000\). The plan is to use the building as a factory. Prepare a calculation showing the allocation of cost to the assets purchased and present the journal entry to record the purchase.